International News
Precious metals witness profit booking ahead of Employment data AUGMONT BULLION REPORT
- Gold and silver prices fell as investors awaited the US nonfarm payrolls report for October and November, which would provide additional information on the Federal Reserve’s policy stance. If labour market data confirms the idea that employment remains a weak point, precious metals may benefit since it enhances the case for quicker rate cuts.
- Markets are currently putting in a 75.6% chance that the Fed will hold interest rates unchanged at its January meeting, with some expecting two additional rate cuts next year.
- US officials stated on Monday that an agreement with Ukrainian President Volodymyr Zelenskyy to stop the war with Russia was nearly complete, but territorial problems remain unresolved, and a robust security assurance from the US and European countries remains a sticking point.
- India’s regulators now enable pension funds to invest in gold and silver ETFs. They will be authorised to add gold and silver ETFs in private sector pension programs worth up to 5% of the fund’s AUM. This could further increase the already increasing investment demand in India.
Technical Triggers
- Gold is expected to trade in the range of $4290 (~Rs 132,000) to $4400(~Rs 136,000) this week. Buy on dips around support.
- For Silver $65 (~Rs 200,000) will be a difficult nut to crack. Prices are expected to touch support of Rs $60.50 (~Rs 188,000) before rising higher to resistance.
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $4,400 / oz | $4,290 / oz |
| Gold | Indian | ₹132,300 / 10 gm | ₹135,500 / 10 gm |
| Silver | International | $60.5 / oz | $65 / oz |
| Silver | Indian | ₹190,000 / kg | ₹200,000 / kg |
source:AUGMONT BULLION REPORT
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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